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GAIL: A disappointing quarter - Views on News from Equitymaster
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GAIL: A disappointing quarter
Oct 30, 2012

Gas Authority of India Ltd (GAIL) has announced the second quarter results for financial year 2012-2013 (2QFY13). The company has reported 17.1% year on year (YoY) growth in top line and 10.0% YoY decline in the bottom-line for the quarter. Here is our analysis of the results.

Performance summary
  • The company registered a 17.1% YoY growth in the topline during the quarter. For the first year (1HFY13), the net sales were up by 20.9% YoY.
  • The operating profits registered a decline of 15.7% YoY during the quarter, with margins at 12.4% versus 17.2% in 2QFY12. For the first half year, the operating profits were up by 2.5% YoY, with operating profit margins at 14.8%, down from 17.5% in 1HFY12.
  • The net income for the quarter registered 10.0% YoY decline, with margins at 8.5% versus 11.1% in 2QFY12. For the first half year, the net profits were up by 1.9% YoY, with margins at 9.3%, down from 11.1% for 1HFY12.
  • The company has offered a discount of Rs 7.8 bn (up 39% YoY) during the quarter to share under recoveries on cooking fuel. For the first half year, the subsidy burden stood at Rs 14.8 bn, up 19.0% YoY.
  • GAIL derecognized revenues worth Rs 1,230 m in the quarter in view of revision of LPG pipeline tariff by Petroleum and Natural Gas Regulatory Board (PNGRB).

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